Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Indian petroleum minister visits Ulsan to deepen maritime cooperation
India’s Minister of Petroleum and Natural Gas Shri Hardeep Singh Puri, sixth from left, poses with indian and HD Hyundai officials in Ulsan on Nov. 14. Courtesy of Embassy of India in Seoul
By Kim Hyun-bin
India’s Minister of Petroleum and Natural Gas Shri Hardeep Singh Puri visited the HD Hyundai Heavy Industries shipyard in Ulsan on Nov. 13 as part of a two-day series of high-level engagements in Korea aimed at expanding cooperation in the maritime, shipping and shipbuilding sectors. The trip, held Nov. 13–14, aligns with India’s Maritime Amrit Kaal Vision 2047, a long-term plan to strengthen domestic shipbuilding, expand the country’s commercial fleet and enhance global competitiveness across the shipping and maritime industries.
Puri toured the sprawling HD Hyundai Heavy Industries complex — the world’s largest shipyard at 1,680 acres — and described the visit as “highly productive.” He said India’s fast-growing energy and shipping sectors, driven by the "Make in India" initiative and a young consumer base, present what he called a golden opportunity for Korean shipyards.
With nearly 20 percent of global vessels expected to arrive in or depart from India over the next 15 years, Puri said the two countries have significant room to deepen cooperation. India, a major importer of energy, spends between $5 billion and $8 billion annually on freight and its state-owned companies could procure as many as 59 crude, LNG and ethane carriers, he said.
The visit followed Puri’s meeting with HD Hyundai Chairman Chung Ki-sun at the company’s Global R&D Center in Seongnam, where the delegation was briefed on the firm’s advanced ship design programs and smart shipyard operations. Discussions focused on how Korea’s engineering capabilities could support India’s goal of expanding its commercial fleet. HD Hyundai noted that India plans to increase its fleet from 1,500 to 2,500 vessels under the Maritime Amrit Kaal Vision and invest $24 billion, including $8 billion recently announced for fleet expansion. The company reaffirmed its interest in partnering with India to advance those ambitions.
Puri held talks with senior executives from Korea’s major shipping companies and stressed that energy and shipping are “inseparable pillars” of India’s growing economy. India’s crude and gas imports, worth more than $150 billion annually, move entirely by sea, and oil and gas shipments account for nearly 28 percent of the nation’s trade by volume. However, only about 20 percent of that cargo is transported on Indian-flagged or Indian-owned vessels.
The minister also met Hanwha Ocean President and CEO Kim Hee-cheul in Seoul. Puri invited the company to explore opportunities in India’s expanding shipbuilding sector. He said India’s fast-growing energy infrastructure and heavy reliance on seaborne oil and gas offer significant potential for investment and joint manufacturing. Puri added that Indian state-owned enterprises are prepared to partner with Korean companies to meet those needs.